ACCT 553 help A Guide to career/Snaptutorial ACCT 553 help A Guide to career/Snaptutorial | страница 5

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1. (TCO C) Under current accounting practice, intangible assets are
classified as (Points: 5)
2. (TCO C) Which of the following intangible assets should not be
amortized? (Points: 5)
3. (TCO C) The intangible asset goodwill may be (Points: 5)
4. (TCO C) ELO Corporation purchased a patent for $90,000 on
September 1, 2008. It had a useful life of ten years. On January 1,
2010, ELO spent $22,000 to successfully defend the patent in a
lawsuit. ELO feels that as of that date, the remaining useful life is five
years. What amount should be reported for patent amortization
expense for 2010? (Points: 5)